KATHMANDU: The Federation of Nepalese Chambers of Commerce and Industry (FNCCI) today welcomed the new fiscal year budget which lends priority to reconstruction and rehabilitation in order to invigorate the economy that was struck by the April 25 earthquake.

The FNCCI also welcomed that the government incorporated majority of its advices in the budget including effective mobilisation of tax without increment in the tax rate in the current scenario so as to encourage the flailing economy.

Finance Minister Ram Sharan Mahat had presented a budget of Rs 819.46 billion for fiscal year 2015/16 with an estimation of six per cent rise in economy.

The budget has given top priority to energy production and its transmission and also construction of physical infrastructures which will contribute in reducing commercial investment, the FNCCI said.

In a press statement, the FNCCI praised the International Conference on Nepal's Reconstruction and the government's commitment to strictly implement the arrangement put in place for purchase of domestic products even though they are 15 per cent more expensive. The Federation also commended the aspects of the budget that call for use of local resources, technology and tools for reconstruction and rehabilitation.

It also applauded the commitment for enhancing the professional skill, technological capability and making the public administration more accountable and responsible.

The Federation further praised the government's decision to establish a fund and provide concessional loans to revive agricultural and tourism sectors in the aftermath of quake.

Meanwhile, the FNCCI has drawn attention of the government for implementation of commitments made in the previous budget that are yet to be implemented.

It has expressed a commitment for private sector’s active participation to effectively implement the budget for realisation of the goal to achieve six per cent economic growth.